If wife cosigns student loans will I be responsible?

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I’m at my wits end. My stepson is in junior college for an Art degree (we are paying the bill no loans)and also agreed to pay for a state college for his bachelor degree. We pay for his car, insurance, rent food, cell phone etc... Basically he does not have any responsibilities, nor does his mother want him to have any – I try to get him to take the garbage out once a week but his mother sneaks and takes it out for him. Now he wants to go to Art school in San Fran. I have calculated a bachelor degree at this school will cost almost $200,000 (no SAT or good grades needed, just a big checkbook). If my wife goes behind my back and starts co-signing students loans will I be held responsible in the case of a divorce? Thanks for any help. We live in Illinois.

Yes

Yes-! in my state anyway, any debt taken on during the marriage (not prior) by one spouse, both spouses are responsible. First, threaten to absolutely explode if she co-signs anything!! then review your state law, on the internet or with an attorney.

"A lie told often enough becomes the truth." - Vladimir Lenin

Tell her "no"

I'm with Evil...tell her you will not accept her co-signing any loans.

I disagree.

As far as repaying the debt goes, the lender only cares about who actually borrowed the money. It will be her and her son's responsibility to pay, not yours, and it will be HER credit on the line.

As far as whether or not it's considered marital debt, that depends on whether or not you live in a community property state. Even if you do, though, as long as you do not co-sign the loan or directly benefit from the loan, then you could make a successful argument that it is her debt and not marital debt.

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ANNE 8102 ♥ GEORGIA

Thanks

I have told her no lets let him at least get a associate's degree at the junior college first. I told her I don't see how he would ever be able to pay back that amount with an Art degree. Of course he thinks it's great no math or English classes required only fun art classes to get the degree. I feel she will agree with me, then behind my back start co-signing loans, which will probably cause us to file bankruptcy when he gets out of school and can't pay back the loans. Just last week he informed us he "accidentally" was -200 in his checking and needed the money, so it was mom to the rescue. If he was going for an Engineering degree, PHD etc... and I thought he could actually back that amount it would be a different story.

My SS

wanted my dh to cosign for a loan for an art college (very expensive) & I told him not to. He wanted to draw cartoons. The biomom did (cosign)....and he quit after a semester. Now THEY owe the money, not us.

Now, he wants to be a "loyer". I say get an AA first and then work for it. It will never happen. He barely made it thru high school.

My SS

Now, he wants to be a "loyer". I say get an AA first and then work for it. It will never happen. He barely made it thru high school.

Don't repeat the mistakes of my DH

My DH co-signed on a total of $125,000 of college loans for three of his five adult children. SS21 wanted to go to "art school" and against my wishes DH co-signed on a $30,000 private college loan for him.

SS21 flunked out, of course, and now DH is responsible for the payments because SS21 is out of work, homeless, and drunk most of the time. SD24 has destroyed her credit and is now in default on her college loans (flunked out), and if DH doesn't carry her payments, then his credit will be ruined too.

I calculated that if we have to come up with all his loser kids college loan payments, it'll cost us $1200/month. NO WAY do we have that kind of money!

The student loan companies won't hold me responsible for DH's kids' student loans because I never co-signed, however it'll be up to the judge if we ever get a divorce whether or not I am responsible for half of the college loans DH signed while we were married. I can't imagine that a judge would hold me responsible for DH's loser kids--but you never know.

Why, oh why, did I ever let myself get dragged into this MESS????

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